The Sun. — London, England, 1836-09-16 00:00:00

~~..~~ • - N JOINT STOCK BANKS. REPORT. I le F REPORT. Committee appointed to inquire into the ope ration 0 , • etisotnablisl th e Act of 7th Geo. IV. C. 46, permitting the iment of Joint Stock Banks, under certain restric , f nd whether it 13 expedient to make any alteration 11 1 the 1 provisi t eferre, I ' sons el' that Aet, have considered the matters Report to them, and have agreed upon the following 4 Leport . :..... a close, though th.:Ar inqui r i es h ave no t b een y e t b roug ht t o that ti; to state Your Committee feel it to be their duty , d not 0 1 e ev idence already taken before them has fully proved instito • Y fair: expediency, but the urgent necessity of having Whici t l it ell s a close and searching examination into the laws thou, Ire " elate joint stock banks, the principles on which t o Ivlse•lt ablishments are conducted, and the consequences roor 0 i they lead. No subject at the present moment ' 0 eeply important of to the interests of the public, as well to t.l .ie interests attenti individuals, could have engaged the soured 3n of P ar li ament ; and your Committee have enda.- with d ''° apply them se l ves t o t h e execut i on o f th e i r d ut i es 4 . /1 ili gence, attention, and zeal. Portal order to i bring before your Committee the more m ad4ll it facts of th e case, t h e i r Ch a i rman was i nstructe d to huo : . 38 , to th e several joint stock banks throughout Eng "- and Wales, a circular to the following effect : (Private Circular.) „, "`Downing-street, May 21, of ( ""x7LEmEN In pursuance of a resolution of the House alit : 431111 ) . rn 10 ns, adopted u nan i mous ly on th e 13th i ns t an t, a co the tee 'has be en appointed "to inquire into the operation of a le et of the 7th Geo. IV., c. 46, permitting the establish exa at,of joint-stock banks under certain restrictions, and to pro• a li ne Whether it be expedient to make any alterations in the to 1: 1 sioos of that Act." Of that committe I have the honour ob t ,: : : chairman, an d at t h e fi rst meet i ng I was requested to ena s q flom the joint-stock banks such information as may by thr e the committee to execute the duties confided to them Legislature. the 0 As it was considered just to the parties concerned that purn, 3rnmi ttee app o i n t e d s h ou ld b e one o f secrecy , f or t h e req4 'se of avoiding any disclosure of private transactions not th e a red by the p u bli c i nterest, i n p l ace o f transm i tt i ng to you any o sual order of the committee, issued under the power and of the House of Commons, it has been judged more Joint e that thi s commun i cat i on s h ou ld be a dd ressed to the. shoal M oc k banks by me as c h a i rman , an d th a t y our rep l y zei le l be addressed under cover to " The Chancellor of th e quer," and marked " Confidential Bank Returns." I ispoll tw o papers, calling your attention to the pa r ti cu l ar Willi Ou Which the committee require information, and you Doss ; is ? 8 ° good as to fill up the return with as little delay as if p, 4 ` ne • The account of liabilities and assets (No. 2) should whi )ssible be furnished for the three last half-yearly periods to Tie . 4 Y o ur ace ounts are made up, and the answers to the —lo na You, in Om paper (No. I.) may be made in reference to trou last Period of balance. This may, I hope, diminish the also ` ; e toPosec.l upon you; and the returns called for may You r , . °l4 the cxmination of witnesses. You will not hold wi t h il elf precluded from adding any explanations not coming t he scope o f t h ese i nqu i r i es; an d I can assure youthat I whiet Place every confidence in the zeal and readiness with the You will promote the objects of this inquiry, it is at their "le tittle the earnest desire of the committee so to govern all Pr.eceedings as most to conduce to the convenience of 1); rties coi icarned.—l am, &o. (Signed) "T. SPRING RICE." etlik e ques tions and form of account alluded to in th e dr ill% as A illow: " 1 • NT QUESTIONS. of C • se of the joint stock bank, and date cr ig business? dist,: 2 . Nu caber and situation of branches, and ---e° .ach from central bank ? ( t ‘ 1 3 - An c ount of nominal capital ? of each ar L r of shares, and nominal value " 5 ' N u mber of shares issued? ?,• Ari ,ount of paid- u p ca pit a l ? tba to of the several calls for paid-up paid arkti amount of the several instalments cc P • h ior N umber of shares (if any) which may ker:ts°?eeti forfeited for non-payment of instal :: 9 - Rate of declared dividend ? da Ip. Variations in rate of dividend, and be;of suet' variati ons ? " 11. D a t e 4) f deed of settlement, and num or persons vvlo have signed such deed ? 12. Copy of deed of settlement ; when it a s be( .n printed and published? l a i d 1 3. Copie aof the last reports and accounts oelfore the proprietors ; a statement of the Ati o of the audit and examination to which `bill ccounts . 7tre subjected, and of the respon iyun. _ uer which such reports are prepared? a ht i 14 - St at ement w h et h er t h e b an k h o ld s any ei• Iv laat at n ount o f i ts own s h ares or stoc k , th er i tru st, a s secur i ty f or a d vances , or i n i ts 44 , ( ri ght ? bank ,„5' 1 1aces at whi c h p rom i ssory no t es an d ,V t- bills are made payable? are iss mod ? 17 wh etb • Fate of interest p a id by th e b an k, cc c 7r. a ' deposit s or b a l ances o f account? Variations in such rat e , an d d a t e o f ••'rta.t . one N o , P. Date t o w hi c h the account i s ma d e up? -- ACCOU NT OF THE LIABILITIES AND ASSETS OF THE JOINT BANK OF 4 ' ' ANSWERS. Anr_ty,TlEs. £ s. d. Amount of Prum Notes /3ayablf a on de issory Bakd, • • ... ........ Post tir is Bills Other iin al Bi 4444°:rg ar :cepted by lk Bank . .......... beari);g. the en dorerner , t or fmaran tee by te 13 a •••••• , Depo sit s -: • Ilearirig in terest, and kt wh:,t-rat e............ . Not 4a r i ng interest 1341anee s of Aects• eurr e nt due from th interest, e ',k in k : 1. 13 eat i • - and N o . • ng rate...... Allo t ...... 4. at w bhat e:.rin g i nterest er labilities, not itiebad ed as above— SSETS. £ a. d. Cash in coin and Bank of England notes Stock :- 1. Government Stock, Exchequer Bills,Bank of England Stock, In dia Stock or Bonds... 2. All other Stock and Shares in PublieCom panies, distinguishing the amount ( if any) of ' its own shares or stock held by the Bank itself, or intrust for the Bank Bills of Exchange Distinguishing the a mount (if any) overdue All other securities not included as above T ot „ 4 a 1 liabilitie s £ T o t a l A sse t s ...£ t hen ll o bjection was at first raised on the part of some of e q uit est a bl ishments against furnishing the information re the c t ; brit this objection was very soon abandoned, and of gltatrs;st r the earliness was genera lly ex p resse d, on the part ~ . h ost .1 li nt - stock bank s , t o l a y b e f ore y our Committee the ! Les'll e 3 ' 4l mute det a il s ill ustrat i ve o f t h e i r mo d e o f transact i ng read' , Your Com m i ttee canno t avo id remar ki ng , that this take ca rl h e rs to me e t i nqu i ry i s i n i tself the surest pledge and th e of th e soun d pr i nc i p l es on wh i ch these or any I,4,ihestablishinents are conducted, and of the fidelity with llerf e ,, the duties confided to directors and managers arc ( %oe l L tn . ed• H a d the objection b een persisted in, your sPeeVtee would not h av e hes i tate d i n reporting the facts_ lnitt ec iP..6 confid ent that the House would not have per tatty ,any individ ua l s w h atever to i mpe d e an inquiry inst- Pal.,li‘ I) .Y Parli amentary authority, and w i t h a v i ew to thei ..,. Interests. fit t h °l4 ' Committ ee h ave f e l t i t to b e t h e i r d u t y to sub bess,.° evidence t o t h e recons i deration of the several wit.. expr: e xamined, in or d er t h at t h ey m i ght b e ena bl e d to hitl ie ' s s an opi n i on w h et h er the same might be published l lt ri s k or i nconvenience. tba N ° this r u l e th ey ma d e one exception ; in the case of ":iirt . " °r wieh and Norfolk Bank, which has now ceased to ' 0 1.11:1 4 " in respect t o w hi c h t h e same mot i ves f or reserve th e wi t i lot b e eeeltr, ole held to a ppl y , your comm i ttee h ave pu bli s h e d evidence as it was given, without any second niestreation to the witnesses. That case illustrates f th e ?reiblY the evils consequent upon a misapplicationo i h _ Prie e N e _ - „l'g f rom r a of joint-stock banking, and the danger result -gale n kl smanagement and irregularity. At the same hat t1;"°1" committee must guard against the inference .t "tie ue c disclosures made in that case by the three wit he isoi"aalined furnish any evidence of the mode in wine). II ib,,4t-stack banks of England are generally conducted. b Ilred e - co ti ntr arY, many of the establishments appear to e sotincitLY conducted • and though an inattention to the "ada c t : r n i , n ciPles on Which banking operations . should be I 'eney -eri_is exhibited in several cases, the ultimate so!- t4 gag „,' t he banks, and their power of fully meeting their t,et:l:4lll2—ei.etelvt!id,emniciest not be brought into doubt.. taken before your committee, and the 441 11 ts 4.411 ' the Stamp-office, establish the fact that these_ Par 'ie are raPidlY extending in all directions ;that new corn b ranch are daily forming, and that an increased number of e ‘'en i n and agencies are spreading throughout England . , Peti t i e _ 'Mall towns and villages,—that a principal of corn ba,,k8,11 exists, which leads to the extinction of all private kod e i n tki to their conversion into banking companies. The the Issue II t vilich this is effected, and the principle on which batiknn,?f transferable shares acts at once on private °Pe tlin ' th' t e g _ en .e,railY on commercial credit, is fully deve " Y our "lotence, settle committee have had before them the deeds of I) ,,a l e e n n u t I f the greater number of the existing joint-stock . 4)1 some 0 f t t b u e e i Yr Iperaodcienegd Ti le - ptortmsubmit to the House an analysis p r ovisions. touch ali tt k gh the general objects of these establishments are settle., e , Yet there are , •“ent vv i • h . some variations in their deeds of ' Pirst ' nc It , may be material to point out. eot r ,„ .. , as to the power of altering the regulations of the au he a . of b etive duties are generally delegated to a of , sr °dY called the while the - main body ieel; oPrietors resery directors, e to themselves the power of . se thelguietslie, directors, and of altering from time to time °Y which the directors are to be governed. In deed, it might have been expected that the proprietors would always have reserved to themselves this power ; nor should this general rule have been noticed, had it not been necessary to point out a single exception to it, in the case of one particular Company, in which all the powers of the Company are vested in the directors of the central bank, till January, 1838, and even after that date this authority is only to be controlled by the General Board of Direc tors,' consisting of the central directors themselves, and of the local directors of branch banks, appointed by them. The deeds of all the other Companies expressly gtve a power to the shareholders to make new laws and regulations. " Secondly, as to the mode of conducting the business of banking. " This is for the most part set out in general terms. Some banking companies content themselves with defining the business to be banking in all its branches ;' in other cases it is called the business of bankers.' " Advancing money on real security is in no instance for bidden. The deeds of three companies are silent on the I subject ; the rest expressly allow it. " The majority of the deeds are silent on the subject of the purchase of land. The - banking Company ex pressly allows it. The - banking company and the Union banking company expressly forbid it. " An advance of money on mining concerns is in no instance expressly allowed ; in many it is expressly for bidden ; in the majority it is passed over in silence. " Advances of money upon any public foreign Govern ment stock, or the stock of any foreign chartered public company,' is directly sanctioned in the deeds of four banking companies. Investment in foreign government stock or funds is allowed by the deed of another bank. Such advances are expressly forbidden by many of the deeds, and are passed over in silence by many others. " In no instance is the company forbidden to become the purchaser of its own shares ; hut, on the contrary, power is expressly given to do so by means of the deeds, and that to any amount. The only modifications of this power which your committee have found are in the case of one banking company, in which the directors are authorised to purchase shares in the case only of a refusal to admit as a proprietor the person proposing to buy ; and in the case of another bank, the number of shares to be bought in by the directors is restricted to 40. " Thirdly, as to the degree of publicity to be given to the proceedings. "No principle seems to be more attended to or pro minently put forward, than that of preserving secresy as to the state of the accounts of the customers of the banks. To this principle there does not appear to be an exception. " The directors arc in general required to sign a de claration pledging themselves to observe secresy as to the transactions of the Bank with their customers, and the state of the accounts of individuals. In some of the com panies this declaration is also to be signed by all the clerks and officers. One banking company goes so far as to re quire an oath to this effect. If the proprietors are dissa tisfied with the statement of accounts made by the direc tors, a power is generally reserved to appoint auditors or in spectors for the examination of the books ; but these auditors or inspectors are required to sign a similar declara tion of secresy. " No proprietor, not being a director, is entitled to in spect any of the books of the company. " The directors are in general bound to exhibit to the general meeting of the shareholders a summary or balance sheet of their affairs, and to make such further statement or report as the directors may deem expedient and condu cive to the interests of the company. In the case of one of these banks, even this is not obligatory by terms of the deed, which leave it to the discretion of the directors whe ther they do or do not exhibit a balance-sheet. In a very extensive bank, the proprietors annually appoint auditors to examine the affairs of the company and to re port thereon. " In some of the companies the principle of sccresy is carried still further : two of the directors, selected from the rest, are the exclusive depositors of the power of inspecting the private accounts of customers. These persons are sometimes called confidential directors.' This provision is stated to be made in order that the credit and private transactions of individuals may be preserved inviolate.' Sometimes they are called managing directors,' sometimes special directors.' In other companies, though all the di rectors have the power of inspection of the accounts of customers, two of the directors are selected to inspect bills and notes, in order to prevent the exposure of such bills of exchange and promissory notes as may pass through the bank.' These two directors arc called the bill committee.' In two of the companies a single person, called the ma nager,' has the exclusive power of inspecting bills and notes. " Fourthly, as to the terms on which the company is to be dissolved. " The deeds of all these companies contain some provision for dissolution in certain contingencies. It is in general provided that a dissolution of the company shall take place by reason either of a certain amount of loss, or of a voluntary agreement. Dissolution by reason of loss in the great majority of the deeds is provided for in the following manner : " It is necessary to premise that the directors of each of these companies are bound to set aside a certain portion of the profits to form a fund to meet extraordinary demands, which fund is sometimes called the surplus fund,' some times the reserve fund,' but more usually the guarantee fund.' The ordinary provision for dissolution is to this effect :—That if the losses sustained shall at any time have absorbed the whole of this guarantee fund, and also one fourth of the capital paid up, then any one shareholder may require the dissolution of the company, which shall take place accordingly, unless two-thirds in number and value of the shareholders shall be desirous of continuing the company, and shall purchase the shares of those pro prietors who wish to withdraw. In one bank the dis solution of the company takes place upon a loss of one fifth instead of one-fourth of the capital. In two other banks no mention is made of the guarantee fend. " The provision of the great majority of deeds, as above stated, is, that in the event of a given amount of loss, any one shareholder may propose the dissolution. In some, three shareholders arc required. In the Banking Com pany A. the requisition for dissolution must be made by ten shareholders holding 200 shares ; in the Bank B. by one fourth of the company ; but if the loss amount to one-half of the capital, then by any single shareholder. " By the general provisions of the great majority of deeds, the dissolution of the company, though duly proposed, may be averted by two-thirds of the proprietors ; but in some there exists no such restriction ; and on the occur rence of a given amount of loss, the dissolution, if proposed, must necessarily take place. In other instances, on the ap pearance of a given amount of loss, the dissolution is to take place immediately, even though no partner should pro pose it. " The Banking Company C has provisions for dissolu tion peculiar to itself, and among others it is set forth, that the partnership shall determine on the Ist of January, 2001. " The Bank of D, besides the usual provision for disso lution in case of a loss, has a provision for dissolution if the company shall not repay a contribution to a shareholder who shall have been compelled to pay a debt of the company. " A dissolution, by voluntary agreement, may in general be directed by a majority of two-thirds of the shareholders in number and value, but with the concurrence of a certain number of the directors. " In some companies a voluntary dissolution may be ef fected by three-fourths of the shareholders ; in others by a majority ; in a few others there is no provision for a volun tary dissolution. " The House will see from this analysis that these deeds of partnership, on which depend the whole transactions of the banks and their responsibility to the public, so far from being framed according to one common and uniform prin ciple, differ materially from each other in many most im portant particulars ; and, in some instances, the deeds con tain provisions open to very serious objections, as entailing possible consequences highly injurious to the interests of the public, and of the banking establishments themselves. " Your Committee will now call the attention of the House to some few facts, which illustrate the present system. " Subject to the local restrictions imposed for the pro. tection of the privilege of the Bank of England, it is open to any number of persons to form a company for joint stock banking, whether for the purpose of deposit, or of issue, or of both. " 1. The law imposes on the joint stock banks no pre liminary obligation beyond the payment of a licence duty, and the registration of the names of shareholders at the Stamp-office. " 2. The law does not require that the deed of settle ment shall be considered or revised by any competent au thority whatever, and no precaution is taken to enforce the insertion in such deeds of clauses the most obvious and ne cessary._ " 3. The law does not impose any restrictions upon the amount of nominal capital. This will be found to vary from 5,000,0001. to 1 00,000/., and in one instance an un limited power is reserved of issuing shares to any extent. 4. The law does not impose any obligation that the whole or any certain amount o f s h ares s h a ll b e su b scr ib e d for before banking operations commence. In many in stances banks commence their b us i ness b e f ore one- h a lf o f the shares are subscribed for, and 10,000, 20,000, and 30,000 shares are reserved to be issued at the discretion of the directors. " 5. The law does not enforce any rule with respect to the nominal amount of shares. These will be found to vary from 1,0001. to 5/. The effects of this variation are strongly stated in the evidence. "6. The law does not enforce any rule with respect to the amount of capital paid up before the . commencement of business. This will be found to vary from 105/. to 51. Stamps and Taxes, August 2, 1836. BANK OF ENGLAND. JOHN WOOD. Circulation. Deposits. Bullion. Securities. 25 December, 1833 17,469,000 15,160,000 10,200,000 24,576,000 29 March, 1834 18,544,000 13,750,000 8,753,00025,787,000 28 June, 18,689,000 15,373,000 8,835,000 27,471,000 27 September, 18,437,000 12,790,000 6,917,000 26,915,000 2S December ; 17,070,000 13,019,000 6,978,000 25,551,000 28 March, 1835 18,152,000 9,972,000 6,295,000 24,533,000 27 June, 17,637,000 11,753,000 6,613,000 25,221,000 26 September, 17,320,000 13,866,000 6,284,000 27,724,000 26 December, 16,564,000 20,370,000 7,718,000 31,764,000 26 March, 1836 17,669,000 12,875,000 8,014,000 25,521,000 25 June, 17,184,000 15,730,000 6,868,000 28,847,000 " Your committee cannot too strongly recommend to all parties engaged in banking the utmost caution and pru dence in these respects, both at the present and in their future operations, " It was under the consideration of your committee whether the law, and the practice which they have de scribed, did not require the interposition of the Legislature even during the present session. They have been led to decline pursuing this course because their inquiries are incomplete, and because they feared that more incon venience might have resulted from an imperfect measure than from allowing the evils of the present system to con tinue without legislative remedy till the next session of Parliament. If a Bill had been introduced, prospective only in its enactments, an inference might have been raised contrary to that which is the decided opinion of your committee—namely, that the existing banks are sub ject to any revision of the law which Parliament may enact. The right of the Legislature to interfere, not only in respect to banks to be established hereafter, but in re spect to existing establishments also, is a principle which your committee are prepared to assert in the strongest manner. They have now before them the accounts of the existing joi n t s t oc k b a nks, e x hibiti ng i n ve ry minute de tail their mode of conducting their business. If, as your committee strongly recommend, it should be the pleasure of the House to renew this inquiry at the opening of the next Session, a continuation of these accounts would ne cessarily be called for. It is the earnest hope of your Committee that the comparison of these two series of accounts may prove that the banking operations during the recess may have been conducted with prudence and caution, and more particularly that those who assume the responsi bility of issuing notes payable on demand have felt it to be their pressing duty to examine accurately the state of the exchanges, the proceedings of the Bank of England in re ference to its issues, and may thus guard against the dan gerous error of an imprudent extension either of credit or of circulation when an opposite course was rendered necessary. " Your Committee, in conclusion, feel it their duty not only to recommend caution to the directors and manager s , but vigilance and attention to the proprietors of joint stock banks also. By several of the deeds of settlement, imper fect as many of those deeds are, it has been already shown that the proprietors are entitled to an inspection of the balance-sheet, and in some instances to an examination of that account. When it is considered how great is the re sponsibility which the law imposes on these share-holders, your Committee cannot but hope that these functions will be strictly exercised by the proprietors. On this check much will depend during the interval. which must elapse before Parliament is called upon to interfere further._ August 20, 1836." . , WRECK OF THE RANGER.—A communication from Quebec announces that the bark Ranger,' from Water ford, was on shore on the rocks at Bellchasse. She was con signed to Symes and Ross, and sailed in June last, with 223 passengers, and a general cargo. She was much damaged in the bottom, and, it is feared, will become a total wreck. The passengers were suffering from sickness and famine, being without proyisiqns. A STALE TRICK.—About one o'clock on Friday Mr. J. Van Vierkan, a Dutch gentleman, residing at 49, High Holborn, entered the Robin Hood, a few doors from his own residence, on the opposite side of the way, and went into the parlour to take some refreshment, and there he found two men of genteel appearance, with whom he entered into conversation, in the course of which one of them offered to lay him a wager that he could not produce tool. Without making a bet, he drew from his pocket one 201. Bank of England note, a 101. ditto, and two 5/. ditto, and 85/. 10s. in sovereigns and half sovereigns, all of which he laid on the table to the gaze of the strangers. He was told by them to be careful of his menu, and he having ga thered and folded it up, one of them requested to be allowed to place it safely in his pocket. To this he consented, and all was deposited apparently right. The strangers then drank his health, and, hoping to meet him another day departed. Shortly after Mr. Vierkan had occasion to fee for his money, when he discovered that it was gone, and in its stead some paper, in w hi c h was f o urtcenpence in half pence, left. TIIE POOR.—In reference to a statement made yesterday by a morning Contemporary, that labourers' wages in some parts of Essex h ave i n no i nstance reac h e d a h i gher rate than that which was paid at the time allowance to them was made by the overseer from the poor-rates, the Herald of that county justly remarks that "if the poor mars be not as sisted through the change by the helping hand of those above him--if the employer take the full benefit of a reduction of poor-rate, without giving the labourer a proportionate ad vantage in the shape of wages, a mass of wretchedness, if not of crime, may be engendered." The poor have by long habit been accustomed to rely on relief from the poor rate, and a rise in wages proportionate to the amount before derived from his fund seems but reasonable. " When the master only pays towards the support of the aged and the infirm, justice requires that a sum equal to that which he before paid for the able bodied should find its way to the labourer, and we hope the landlord will assist the tenant in thus improving, the condition of the poor. We say this in our anxiety f or t h e success o f the new law ; and we know that in the districts of this county where the principle has been acted on, the farmers have found their reward in the improved value of the labour they purchase." On Saturday afternoon, a young woman, of genteel address and appearance, went into the shop of Mrs. Dare, a milliner in Walworth-road, and represented herself to be the niece of Mrs. Fisher, the landlady of the Elephant and Castle Inn, a few yards from the spot. She asked for a number of, veils, collars, and other articles of millinery, of the most costly description, to be sent for her inspection to the Elephant and Castle. A boy was accordingly sent with her, entrusted with articles to the amount of upwards of 101. She ordered him to go round to the public door, as she always made it a point of going in at the private entrance, but that she would take the things to the apartments she occupied herself. The box in which the articles were contained were given up to her, and in a few minutes she disappeared, and has not since been heard of. THE SUN, LONDON, FRIDAY, SEPT_EMBER 16. 1836. " 7. The law does not provide for any publicaf on of the liabilities and assets of these banks, nor does it enforce the communication of any balance-sheet to the proprietors at large. " 8. The law does not impose any restrictions by which care shall be taken that dividends are paid out of banking profits only, and that bad or doubtful debts Lre first written off. "9. The law does not prohibit purchases, sales, and speculative traffic on the part of the companies in their own stock, nor advances to be made in the credit of their own shares. " 10. The law does not provide that the guarantee fund shall be kept apart, and invested in Government or other securities. " 11. The law does not limit the number of branches, or the distance of such branches from the central bank. " 12. The law is not sufficiently stringent to insure to the public that the names registered at the Stamp-office are the names of persons bona fide proprietors, who have signed the deed of settlement, and who are responsible to the public. "13. The provisions of the law appear insiequate, or at least are disregarded, so far as they impose upon banks the obligation of making their notes payable at the places of issue. _ " All these separate questions appear to your Committee deserving of the most serious consideration, with a view to the future stability of the banks throughout the United Kingdom, the maintenance of commercial credit, and the preservation of the currency in a sound state. " The most important facts which have come under the consideration of your Committee are connected with the operation of the joint stock banks on credit and circulation. It appears that a great extension has been given to both, and that if the operations of all banks, whether private, or formed on joint stock principles, are not conducted with prudence and with caution, measures adopted by the Bank of England with a view to the state of the foreign exchanges, "and of the consequent demand for bullion, may be con tracted by the advances and increased issues of country banks. The following table will exhibit the progress of the circulation for some time past, and it is to be in ferred from the increased issues of joint stock banks at periods when the Bank of England was endeavouring to limit the amount of paper in circulation, that a due atten tion was not given by them to the returns published in the Gazette under the Act of the 3d and 4th Will. IV. c. 98. An ACCOUNT of the aggregate Amount of Notes circulated in England and Wales by Private Banks and by Joint Stock Banks and their Branches ; distinguishing Private from Joint Stock Banks.—(From Returns directed by 3 and 4 Wil. IV. e. 83.) Private Banks. Joint Stock Total. Banks. Quarters ending 28 December, 18.33 8,836,803 1,315,301 10,152,104 29 March, 1834 8,733,400 1,458,427 10,191,827 28 June, -- 8,875,795 1,642,887 10,518,682 27 September, 8,370,423 1,783,689 10,154,112 28 December, 8,537,655 2,122,173 10,659,828 28 March, 1835 8,231,206 2,188,954 10,420,160 27 June, 8,455,114 2,484,687 10,939,801 26 September, 7,912,587 2,508,036 10,420,623 26 December, 8,334,863 2,799,551 11,134,414 26 March, 1836 8,353,894 3,094,025 11,447,919 25 June, I 8,614,132 3,588,064 12,202,196 FOREIGN INTELLIGENCE. FRANCE. M. Pozzo di Borgo, it is said, has refused the most bril liant offers lately made him by the Emperor Nicholas, who wished him to resume the Embassy at London, or to take that of Constantinople. He is go!ng to fix himself in the Faubourg. St. Germain, in the hotel he purchased of the Duke de Blacas. The Count de Montalivet left. Paris on Monday for the camp at Compiegne. We long since stated that a commission bad been sent to England and Scotland, with a view to examine the superio rity of the iron cannon manufactured there over the brass ones at present used in the French service. The report was, we learn, favourable, but the Government have re solved not to determine the question until after a course of experiments, male under the direction of a commission ap pointed for that purpose. They have invited the Swedes and English to the trial, with nine cannon of different di mensions cast after patterns sent from France. The Bel gian Government having judged that Belgian iron would well bear the competition with that of England and Sweden, has also entered the field as a competitor, and several can nons cast at Liege have been sent to La Fere, where they are to be proved.—Galignanes Messenger. The following is an extract of a letter from Bayonne of the 9th inst. :—" General Rodil, who is expected so impa tiently, does not seem destined to come so soon to the army, but is detained at Madrid by the appearance of the enemy near the capital. The National Guard of Madrid, called on in these critical circumstances, turns a deaf ear ; but the journals, in revenge, call the Generals traitors, and demand that they should be brought to judgment, while the populace of Madrid are hunting for the late Ministers, who, however, have fortunately escaped. General Oraa's expedition to Salvatierra was to get the Constitution of 1812 sworn to in the little town of Zakluendo, after which he returned quietly to Vittoria. Cordova is still at Bayonne ; General Espeleta and the Baron de Meer are expected to day. General Zarco del Valle is at Bordeaux. Basilio has entered Estella with all his troops and booty. It was said that General Lebeau had taken possession of that town ; but it appears that he has not stirred from Puente la Reyna." The London mail has not arrived this morning, being probably hindered by the bad weather from crossing the Channel. The Journals from the frontiers of Spain bring no news. —Journal du Commerce, Second Edition, 14th Sept. FRENCH FUNDS.—PA SEPT. 14. Five per Cents., 1061. 50c. 55e. 65e. 60e. Three per Cents. 79f 55c. 60c. 75c. Bank Actions, 2,265 f. Rtete Na,1eb.991. fOc. 65e. 70c. 75c. Born t i Five?cr Cents., 102%. Spanish Actives, '29 Spanish Differes, 12 1 4 Spanish Passives, 8% 9 8%. Belgian Loan, Five per Cents, 1031;. Portuguese Three per Cents. 40% EXCHANGS ON LONDON. One month, paper, —f. --c.; money, 2.5 f. 2Th ic. Three months,l paper, —f. —C.; money, `.25f. —Cours Authentiaue. BOURSE, QUARTER TO FOUR.—The market was very flat before the opening of the Parquet, owing to the decline in Consols on the 12th, from London. Three per Cents. 79f. 62ie., but from the opening of the Bourse, the Three per Cents. were done at 791. 70c. ; they, however, receded to 791. 65c., and got up afterwards gradually to 791. 95e. ; the pre sent price is 791. 90c., sellers; the only reason assigned for the improvement is, that it is raid that Marshal Molitor has ac cepted the War Department. it is reported that an express has arrived of the Bth from Madrid ; it had no influence on the Spanish Active Stock, the price remained steady between 29 to 291. LAST PRICES.—Five per Cents., 1061. Me. ; Three per Cents., 791. 90c. ; Five per Cents. Spanish, —; Three per Cents. Spanish, —; Cortes, —; Coupons, Gueb hards, ; Differes, 10 ; New . Loan, —; Actives, 291 ; Pas sives, 97,-; Ducats, 99 90 ; Romans, 10* Pedros, Belgians, 1034 ; Dtitch, —l. —c. ; Haytians, —l. ; Mi guels, —; Wabant Bank, —; Belgian Bank, 27 ; Con tinuation, —c. ; New Differes, 121 ; Five per Cent. Perpe -; Royal Loan, —. SPAIN. The following is from the Madrid Extraordinary Gazette of the sth : General Alaix writes from Villanueva de Alcoron on the 2d of September to the War Minister. _ _ " Before yesterday I informed your Excellency from Cifuentes of my marches of the 30th and 31st, and that I should continue to pursue Gomez as long as the state of my troops permitted it. The enemy marching all the night of the 31st to the Ist, rested at Espligares. I found many dispersed and small parties in the villages and the moun tains, and made many prisoners ; whilst many of those captured with Lopez were able to make their escape. From Espligares the enemy took the bridge of Tabuenca, spending the night of the Ist at Zaorejas. To shorten the way and the fatigues of my troops, I marched to Centejo, and this morning, passing the Tagus, came to Armallones, two leagues from the rebels. They went first in the di rection of Molina, but soon turning to the right, they took the direction of the bridge of Poralejo, and by the last ac counts, must have passed th e n i g ht a t B e t e ta. I p resume that his aim is to get to Cuenca, whither they have di rected some flying parties. For this reason I have stopped here, intending to continue my march to-morrow. But should the weather come on to rain as it did last night, I shall be unable to follow the enemy by forced marches, for want of shoes and necessaries. A peasant just demands pardon for an officer and ten men of the enemy who surrender. (Signed) " ALAIX." Extract of a letter of the 4th inst. from Madrid :—" The reconciliation of the Queen Regent with her sister, the In fanta Donna Luisa Carlotta, of which much talk had been made while the Court still resided at La Granja, was far from being sincere. These two Princesses detest each other as cordially as ever. The partisans of Christina, whether rigidly or wrongly, accuse the Infanta of having excited the military revolt of Ildefonso, by means of money distributed among her agents. They say that this Princess is of un bounded ambition, and they attribute to her the project of raising the fortunes of her husband, Don Francisco de Paula, on the ruins of the Queen's authority. Whether this is true or not, it is certain that the two sisters endea vour to injure each other in public opinion. The Infanta entirely rules her husband, who is of a weak character, aid who is only patriotic according to circumstances. The Spaniards might possibly be caught in the trap. Munoz is still at Madrid, and since the events of La Granja has not quitted, in the day, the asylums afforded him by the diplo matic body by turns. It is only at night that he goes in disguise to visit the Queen at the palace ; and even then he must hear the cry, Death to Munoz.' The Treasury is without funds and resources, and, in the greater part of its high functions, is disorganized. Everybody is longing for the meeting of the Cortes. A new loan from England is talked of." Extract of a letter from Madrid, dated the sth inst.:-- " We are at length relieved from the embarrassment of the too near neighbourhood of Don Bazilio Garcia and Gomcz. who for upwards of twenty days have stopped up the road from Arragon. The first has gone across the Ebro with an immense booty. On the 26th, he surprised the small town of Aldea, at the moment when the people were as sembled at a boll fight. He shot the principal inhabitants, and completely pillaged the town. He has under his com mand upwards of three thousand men, and made at Si guenza more than a thousand voluntary recruits. Gomez, having a more powerful and a better disciplined force, is not afraid of meeting the Queen's best troops. He has proved this in the affair at Villarcayo, against Tello's divi sion, which was completely beaten ; and more recently against General Lopez, who was taken prisoner near Ja draque, after a most sanguinary battle, sustained with equal courage on both sides, but Lopez, with his brave men, were obliged to yield to superior numbers. It is feared that the Carlist General will order Lopez to be shot, in revenge for the death of Torres, who, with two of his officers, suffered the same fate in Upper Arragon. Lopez is the first General Officer taken by the Carlists since the com mencement of the war. It is difficult to say what has become of Gomez's division ; for since his entrance into the Asturias it has run over several provinces with incredible velocity. It is said that be has marched towards Cuenca, but it is very possible he is at this moment near Valencia, or some other more distant point. We had good reasons for saying that the entrance of the Carlist troops into the provinces of the Asturias and Gallicia was a most serious event. We knew that in these provinces the rebels would find favour from the clergy, and the people who are under their influence. Hence it has arisen that Gomez has obtained his immense booty, and which Villareal has come to the confines of Navarre to receive. It is most un accountable that the 100 waggons pursued by Espartero, ' who was so-near to them that he might touch them with the point of his sword, and the capture of which he had in a measure announced, should have vanished, as it were, from before the eyes of the Queen's soldiers. How can we ex plain the conduct of this general, and his pompous bulletin, announcing the entire dispersion of the rebels, whose scat tered remnants were flying in all directions ? Ought not the Gov ernment to call Espastero to account for this dis appointment of the hopes raised by his boasted success. I have this moment learned that 1,000 men, detached by Gomez, arc at Villa Rejas, a village near Aranda, only s even leagues from M a d r id. Never before have the rebels ap proached so near the capital." Extractinst.:_of a l e tt er f rom St. S e bastian of the B th and 9th Col. Ki n l oc h of the Ist Lancers , i s a ppointed Brigadier. General by gen era l or d er ; but as the strength o f the ea valry is red uce d to li tt l e more than three squadrons, the services of th e B r i ga di er- G enera l are, by the samo order, dispensed with. By general order of the above date, Colonel Fitzgerald, commanding the' 2nd Brigade, is appointed a Brigadier- General. I need hardly say that no money has been received ; hopes are, however, held out, that a reAso: able supply will shortly be obtained. From person who very lately escaped from Renturia, and who is deserving of credit, I have ascertained that the Car list officers and soldiers only want a pretext to lay down their arms. A system of terror had been established, whereby alone the wretched deluded people are kept under control. All who are discovered in, or are even suspected of, speaking against the Pretender, are unmercifully casti gated, women, as well as men. An old man of seventy, whose son had managed to escape from the despot's grasp, was immersed up to his neck in a river, and kept there for three-quarters of an hour on three successive days ! Hun dreds of instances of this description occasionally occur. On the 31st of July, which was thefite day of Saint Ig natius de Loyola, founder of the order of the Jesuits, and patron of Guipuzcoa, there were eighteen hundred monks and priests assembled at the grand ceremonial in the splen did chapel dedicated to that saint, and which is situated near the house where Loyola was born, between Azpeitia and Ascoitia. The Pretender and his friends were present. What is to become of all these worthies when the triumph of the liberal cause shall be complete, which in a very short time it must be ? During the late gale the Royalist brig-of-war lost two anchors ; the Comet steamer had also one of her anchors broken in two. The Salamander man-of-war steamer went out the day before yesterday, at the height of the gale, in order to proceed to Santander, to take the Bth regiment on board, but was obliged to return after being a few hours at sea, having had her rudder broken. Ituralde is, it would appear, a prisoner in the Castle of Guevara, near Vittoria, and is about to be brought to a Carlist court-martial. By a letter from Logrono, it ap pears that the prisoners taken by Irribarren, amounting to 1,016, have been safely deposited in that city. I am happy to say that General Evans is quite well. The Comet is going to Bayonne presently. Brigadier- General Kinlock, late of the Lancers, will go in her. The Diligent transport will sail this afternoon for Eng land. Colonel Considine, late Military Secretary to Ge neral Evans, will take his passage in her. That officer will be a very great loss to the Legion, both in his public and private capacity. The reason of his leaving is, I believe, as follows :—He bad been offered the appointment of Mi litary Secretary to Sir Whittingham, or Whittington, Commander-in-Chief in the West Indies, who is about to proceed to that station ; but Colonel Considine declined quitting the Legion, where his services were invaluable. Upon stating his intentions to the Lieutenant-General, however, the latter declared that he could not allow Colonel Considine to forego so advantageous an appointment in the British army, in order to remain attached to a merely tem porary service ; and after some conversation, in which both parties displayed the most praiseworthy feelings, Colonel Considine yielded. In insisting upon Colonel Considine's acceptance of this appointment, General Evans has made a great personal sacrifice. The appearance of the Legion is so much improved, and the men are under such gocd discipline, that the meta morphosis from their late deplorable state is perfectly as tonishing. Lieutenant Langley, of the Royal Marine Artillery; who was wounded two months ago, when gallantly heading the party which drove a strong body of Carlists fmm a picket house near Passages, which they were hotly attacking, goes to England in the Diligent. He is still very lame from the effect of his wound. SWITZERLAND. BERNE, SEPT. 10.—The affair of Conseil, the French spy, came before the Helvetic Diet on the 9th inst. The report, drawn up by M. Keller, one of the most distin guished lawyers in Switzerland, clearly established that subsequently to the note addressed to the Federal Di rectory by the French Ambassador, respecting Conseil, who was implicated in Fieschi's attempt, the first Secretary of the Legation, M. de Belleval, had delivered to Conseil a passport written entirely in his own hand, and that the Ambassador had not withdrawn his note. The three com missioners concurred fully in the expose of the facts, and their unanimity produced a great impression on the as sembly. The committee only disagreed on the expediency of the course to be adopted, the majority, formed of Messrs. Keller and Monnard, having been of opinion that the report, accompanied by authentic copies of the docu ments relative to the affair, should be forwarded to the Vorort for the purpose of being communicated to the French Government, either by the Swiss Charge d'Affaires in Paris, or in any other manner the Vorort might think proper. Mr. Bourckbardt, the third Commissioner, recom mended that the decision of the affair should be left to the Vorort. _ _ -..-- - Zurich (M. Keller) said the deputation of that canton had seen with satisfaction that the Government had of late discharged its duties to the satisfaction of every respectable citizen, " Well," observed M. Keller, "at a moment when we had reached that exalted station in public opinion, a gross insult was offered us by foreign authorities attempting to wound us in our honour. Only one alternative is left us under such circumstances, and that is the one recom mended by the majority of the Committee. We must either declare that the French Ambassador has been guilty of no fault, or we owe to the honour of France to inform her of everything that has occurred. We shall tell the truth, the whole truth, and leave to others the care of judging, as the whole responsibility will then devolve on them." Lucerne (M. Amrhyn) recommended the Diet to come to a prompt decision on the affair. He concluded by vo ting for the measure proposed by the majority of the Com mittee. _ _ Uri (M. Schmidt) said, in the point of view of a sound policy, the majority of the committee, he thought, had gone too far in its propositions, its report being a real bill of indictment against France. "We have no right," said he "tobe so careful of the honour of France. Ido not con sider the honcur of Switzerland in the least compromised, and if the French Ambassador deserved to be impeached, it should be left to his Government to do so." He ac cordingly took the referendum. Schwytz and Unterwald concurred in the opinion of Uri. Glaris (M. Blamer) found the facts so clearly demon strated, that he voted for the propositions of the majority. Zug and Friburg would wait until the close of the dis cussion. Soleure thought the arguments adduced by Zurich most conclusive, and acceded to the resolution of the majority. Basle-Country (M. Gutzwiller) approved consequently, of the course recommended by the majority of the com mittee. Basle-City.—The deputy of that canton thought that it was neither useful nor politic to press the matter any further, and that the confederacy had obtained all the sa tisfaction it desired. Schaffhausen (M. Meyenburg) did not consider the Diet a competent judge in the affair. He accordingly proposed that the Diet. should leave the decision of the affair to the Government of Berne. • Appenzell voted for the proposition of the majority. Grisons.—The deputation was inclined to adopt the views of the majority, but thought proper to wait to receive instructions from its Government. Argau (M. Bruggiser) declared himself fully convinced of the truth of the facts, and moved that the report be printed and sent round to the States. He was also delighted to find that diplomacy had been caught in the fact, and that its secret and obscure machinations had been brought into daylight, " We have been attacked in the face of the world," said the orator, " and it would be an immense mis take on our part not to make the whole affair as public as pos sible. The designs of foreign states against Switzerland mti,st be unveiled. The Swiss nation is now anxiously waiting for the decision about to be adopted by the Diet. The moment is come to avail ourselves of the faults of o ur enemies. Several wily men had got up an intrigue with a stupid creature to compromise Switzerland. We must obtain sa tisfaction for such base and malignant conduct. The truth must be known. The proposition of the minority would defeat that object. The Vorort thought that it was incum bent on the Diet to come to a formal resolution. Let us have the courage to trace the affair to its real authors, how ever high they may be placed, if necessary. The rep or t er of the committee ought to hav e recommended the recal of the Ambassador. I it, however, to the elasticity of the consciences of Messrs. do Montebello and Believe' to decide whether they oughtves not to uit . a country in whi c h they have rendered them an o q ccasion of discord, and an object of hatred." (LEFT SITTING.) HOLLAND. 0 f 1 t. s S E p P h T; s i l yer : e ' pl : t 13.—0 f . all the unfounded, unrea sonAableS,TEaßZ"elfiravagan.t demands that any Power, in the superiority ever ventured to perhaps be assigned to the claim grand idea on ion our into vernment, rm"clasipiteele; tiitsnh:e°triviresintdapuditaei place es customs y o n f 'Ga cal relations, not to ltiesitatet'at Cabinet of London h as ion, been any accustomed,violation of t i i n i e i ts rightspo politi cal t o i - f n , tiGns, whenever ' can r thereby promote the interest . of its commerce or its policy. . _instances of . British injus tice date from the earliest period of the existence of the Netherlands as an independent State, and come down to our times, and yet, however accustomed we are to see Eng land violate the rights of other (especially less powerful) States, th e pretensions of the present English Government are unparalleled, and new even in the annals of English diplomacy. On the 17th of March, 1824, a treaty was concluded be tween the King of the Netherlands and the King of Great Britain, by which the territorial possessions of the two Powers in the East Indies were definitively regulated. At the same time the old colonial system was abolished, instead of the former exclusion the possessions of both nations were opened to the subjects and ships of each other, on advantageous conditions, but without any men. tion whatever of the importation of kingdom into the possession of the treaty nothing is anywhere said of g, .0 4 from this treaty Great Britain, after years, all at once pretends to der:. _ 2 viously granted to import its manufaLltur.iiiiii . - yopr(go lonies, and to dispute the right of the .. - Ydrei4Ll4:(G vernment to impose such import duties • ' co lonies as it may judge necessary for its own interests, according to the origin of the goods. The Netherlands Government is ready to give full effect to the treaty, as it has done up to this time, by levying on English ships and English subjects no more than double the duties which it imposes on Dutch ships and Dutch sub jects, on the importation of the the same goods. But it has, on the other hand, the indisputable right to fix the duties on the goods according to their kind, quality, or origin, in such manner as it thinks expedient, scrupulously adhering to the regulations laid down in the treaty with respect. to Dutch and English subjects by or for whom, and with respect to Dutch and English ships by which the goods are imported. In communicating, with a feeling of painful indignation in the second edition of our 1,615 number the account from the Hague of the 10th of Sep tember, respecting a note lately presented by the English Ambassador to our Court, we trust that all our countrymen will participate in our feelings on this occasion. We have much pleasure in directing public attention to an essay in defence of our just rights, which, as we hear, will appear in a few days, The meritorious and patriotic, though anonymous, writer, has, by treating on a subject of such importance to the Netherlands, imposed on us the agreeable duty of re turning with energy to it, and we shall perform the duty in the publication of the pamphlet. While we look forward with confidence to the course of the negociations on this demand of British ranacity, we do not hesitate a moment to give our readers the positive as surance that as this attempt of England is contrary to all notions of the law of nations, so the Dutch Government has not deviated in any one point from the stipulations of the treaty. DUTCH FUNDS—AmmsAst, SEPT. 13. Money. Bills. Actual Debt, 2% per Cent. , ~.- V ii 55 Ditto, ditto 5 per cent. Amon Syndic, 4 4 per cent. 967,‘ pm; Ditto, ditto, 3% per cent 7 o'4 79.1 Commercial Company, 4 , , per cent lB2li 18514 Ditto (I+'32 and 1833) 5 per cent. Loan 1833, 4 per cent. Exchange on London, One month ....... .« l2 67% Two months —Dutch Papers, Sept. 14. BELGIAN I , UNDS—Baussna, SEPT. 13. Actual Debt, 2% per Cent. Bothschild's Loan, 5 per Cant... lOl I Loan of City, 183'2.4 per Cent. lOO4 Loan of Thirty Millions il4 l i i Society of Commerce, 45; per Cent l4B Bank of Belgium, 5 per Cent 1~61.„, .-Brussels Papers, Sept. 14. AUSTRIAN FUNDS.—Vumis, Seer. 6. Five per Cents. Metalliques Four per Cents. Three per Cents. Bank Shares ISIS —AI/gm:eine Zeitung, Sept. 11. HAMBURG BORSEN HALLE, SEPT. 10. Bills. Money. Austrian Metalliques, 5 per cent lO3 102% Ditto ditto 4 per cent. 99 98 3 i Ditto ditto .9 percent. Ditto Bank Shares ....133b 1334 Russian 5 per cents. Metal. Anglo-Russian Loan IOS 105% Paper Inscription. 6 per cent --. Russian Inscription, Hope and Co., 3d and 4th Series . Ditto, Certificates 95% 95 Portuguese Regency Bonds, 5 per cent (l7 Ditto, 3 per cent. 42 42 Dutch 2% per Cents. 5314 53% Ditto 5 per Cents — Po'ish Bonds, 3 per cents. New Tickets 150% 1511 Anglo-Danish Loan, 3 per cents 73% 73 Norwegian lAan of 1834, 4pt r cents. Spanish, in piastres, 3 per Cents.... — Cortes an. 5 per Cent 2B 28 Greek 4 per cents. 1833, guaranteed by France 'Ff 1h12,642(44yrf-,0A0 1 • 4 /fee 'SW.th§ r t e\ r te:Zit- tiVe l .l;o-4 v a "H - Laat fre.7 TURKEY. CONSTANTINOPLE, AUG. 24.—Intelligence of the arrival of the Nuzatilieh, Tahir Pacha's flag ship, at the Darda nelles was received at the Admiralty on the 22d instant. The Capitan Pacha, after taking the command of the troops at Tripoli, in order, it is said, to impress upon the soldiers' minds the necessity either to conquer or die, after marching them into the interior, sent orders to the squadron to return home. This measure, which is attributed to Ta llies heroic policy, was altogether an indispensable one. Tne harbour of Tripoli not being calculated to afford re pair to vessels larger than corvettes it would have been the height of imprudence on his part to allow the larger ships of his squadron to remain, during the winter season, ex posed in the unsheltered road off the town in the incle mency of the elements. The latest accounts from Tripoli, are to the date of July the 16th. According to a let ter before me the Capitan Pacha landed on the 9th in the neighbourhood of Misuratta, at the head of his troops and soon overcame the resistance offered against his disembarkation. On his attempting, however, to move upon the town of Misuratta, the Arabs, who had collected in great numbers, attacked him, and obliged him to fall back upon his entrenched position near the coast. Finding that the resistance had proved more serious than he anticipated, he sent all his transports back to Tripoli, to bring to his reinforcement all the forces that could possibly be spared from the town. While the above mentioned letter was writing these troops were embarking ; but as the wind blew fresh from the northward the trans ports had not been able to water—a circumstance which it was supposed would detain them a day or two longer. A. brig of war had arrived on the 15th to hurry the embarka tion, with the accounts of the Capitan Paella having ad vanced upon Misuratta and taken the castle. The Arab cavalry had poured down into the plain in considerable hordes, and surrounded him; His position was looked upon as being imminently critical. From the knowledge we pos sess of Tahir Pacha's temper we are convinced that he will abide by the determination he has expressed—to stand or fall by the success of this expedition. Five ships are at present embarking in this harbour' pro visions and military stores fbr Tripoli. There is, however, for the moment, no appearance of Government having the intention of sending'any reinforcements ; although it stands to reason that, with a force hardly amounting to 6,000, it is next to impossible that Tahir should subjugate a country which, besides the physical difficulties it presents to in vaders, is defended by upwards of 25,000 combatants. Several interviews took place last week a the Porte be tween the French Ambassador and the Reis Effendi, in which the subject under discussion is said to have been a treaty of protection between the Bey of Tunis and the French Government alleged to have been ratified at Paris n May. In consequence of this treaty the Capitan Pacha was prevented by Admiral Hugon, the commander of the French squadron, from landing at Tunis ; and it appears that Tunis henceforth is to be reckoned no longer a colony of the Porte, but of France. Now, as the latter in any might, with equal justice, establish its authority any or every other part of Turkey, the Porte na turally feels anxious to have some explanation as to this unceremonious proceeding. COURT OF COMMON COUNCIL. Yesterday a Court was held, specially to consider the Report of the Committee of the whole Court, ivt relation to the municipal institutions of the City of London. At a former meeting the Committee of the whole Court di rected an a pplication to be made to Lord John Russell, re questing that he would furnish them with a copy of the Report of the Corporation Inquiry Commissioners on the Corporation of London at the earliest possible period, and that he would receive a deputation to confer with him pre viously to the introduction of a Bill " for the repeal of the Corporation." To this application an answer was returned, s t a ting that Lord John Russell would be happy to confer with a deputation before the introduction of the Bill. No conference, however, had ever taken place, in consequence of the non-presentation of the Report of the Commis sioners ; but the Committee took into consideration the subject of amending the municipal institutions, and agreed to a number of resolutions comprehending the changes which appeared to them to be necessary to be made. A difference of opinion now arose between the gentlemen present, as to whether or not the Report should be consi sidered until after the Report of the Commissioners bad ' been laid before the Council. vided upon the question, and the postponeme nt was Court di- After a long and animated conversation , the 1 upon by a majority of 4 ; the numbers being for it 34, against it 31. Dr. Henry was the intimate friend of Lord Brougham, from the time of their residence at Edinburgh, as students at the university.—Shiclds Observer. It is common practice among mercantile houses of the first class, when bills are presented for acceptance, to ap pend to them a ticket stating their readiness to discount them, and the rate at which they will do so. This has begin noticed in the City by some persons referring to one of the most emi nent firms as a new occurrence, and meant to show their inde pendence of the Bank, but the fact does not necessarily bear any such interpretation. It is not true, as has been stated, that they have offered to discount such bills at 43 per cent.; the offer was to do so at the same rate as the Bank, which now is 5 per cent. The engineers employed on the Midland Counties Railway, have commenced staking out the line in the neigh bourhood of Leicester.—Northampton Mercury. We learn that the Lord Bishop of the diocese has refused to confirm the election of the Rev. J. Morley, vicar of Aylesbury, to the chaplaincy of the Aylesbury Union, in con sequence of an application made a short time since by the Rev. vicar to the bishop to be allowed a second curate, in conse quence of his inability justly to discharge his clerical duties through age and growing infirmities.—Bucks Herald. 'RESIT EXPORTS EXTRAORDINARY. —On Satur day last a considerable quantity of Irish oak, cut on the estate of Lord Langford, in the county Meath, was shipped on board the Eamont for St. John's, New Brunswick, for shipbuilding.